Politics

S. Korea 98th Nation to Effectuate Nagoya Protocol

The Nagoya Protocol, a global agreement on the use of genetic resources that go into food, medicine and cosmetics, will take effect in South Korea from August 17th.

Seoul's Environment Ministry said Tuesday that the Cabinet approved an enforcement ordinance of the Genetic Resources Act.

Under the Nagoya Protocol, companies must seek prior approval for using genetic resources from supplier countries and the benefits arising from the use must be shared with those countries.

The Genetic Resources Act is a domestic law designed for the implementation of the global agreement. It’s full official name is the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization.

The protocol is a supplementary agreement to the Convention on Biological Diversity and was adopted in October 2010 in Nagoya, Japan. South Korea is the 98th nation to ratify the protocol.